World Bank to Respond Amid Food Price Surge

The World Bank expressed its concern on the current world food situation, given the exceptional drought occurring in the US and crop conditions in other grain producing regions, resulting to increase in international food prices.

The organization further explained that the most affected of this volatility's impact are the world's poor because of their high vulnerability to food price increases. World Bank Group President Jim Yong Kim added that when food prices rise sharply, families cope by pulling their kids out of school and eating cheaper, less nutritious food, which can have catastrophic life-long effects on the social, physical, and mental well being of millions of young people.

As a response, the said organization vowed to assist client countries through measures such as increased agriculture and agriculture-related investment, policy advice, fast-track financing, the multi-donor Global Agriculture and Food Security Program, and risk management products. World Bank is also coordinating with UN agencies to improve food market transparency and to help governments make informed responses to global food price spikes.

See Word Bank's press release at http://www.worldbank.org/en/news/2012/07/30/food-price-volatility-growing-concern-world-bank-stands-ready-respond.